SECTION 1. Chapter 29 of the General Laws, as appearing in the 2010 Official Edition, as amended by section 18 chapter 194 of the Acts of 2011, is hereby amended by inserting after section 2EEEE the following section:-

2FFFF. There shall be established and set up on the books of the commonwealth a separate fund to be known as the local property tax relief fund. The fund shall consist of monies transferred to it from section 4B of chapter 62, all other monies credited or transferred to it from any other fund or source and proceeds from the investment of such funds. Subject to appropriation, the fund shall be distributed exclusively to cities and towns who shall distribute the funds exclusively to class 1, residential real property owners; provided, however, that such an exemption shall be applied only to the principal residence of a taxpayer as used by the taxpayer for income tax purposes. Monies in the fund shall not be subject to section 5C.

SECTION 2. Chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting after section 4 the following new section:-

SECTION 4B. Local Property Tax Relief

Section 1. Notwithstanding any general or special law to the contrary, the commissioner shall within 30 days of December 15, 2014, and within 30 days of December 15 in each subsequent year, prepare a report on the inflation-adjusted change in baseline tax revenues, and shall submit the report to the secretary of administration, the chairs and ranking members of the house and senate committees on ways and means and the chairs and ranking members of the joint committee on taxation.

Section 2. If the inflation-adjusted change in baseline tax revenues is greater than 0, not less than 10 per cent of such revenue shall be transferred to the local property tax relief fund , established by section 2FFFF of chapter 29.

Section 3. The supreme judicial court or superior court may, upon the petition of not less than 24 taxpayers of the commonwealth, not more of 6 of whom shall be from any one county, enforce the provisions of this section. If successful, said taxpayers shall be entitled to recover reasonable attorneys’ fees and other reasonable costs incurred in maintaining such action.

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